LONG-TERM DEBT

12 Months Ended

May 31, 2026

4. LONG-TERM DEBT


	May 31, 2026			May 25, 2025
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
5.75% senior debt due August 2035		500.0			—
8.25% senior debt due September 2030		300.0			300.0
5.0% senior debt due August 2030		500.0			—
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			1,000.0
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
5.3% senior debt due October 2026		500.0			500.0
4.6% senior debt due November 2025		—			1,000.0
0.89% to 13.22% lease financing obligations due on various dates through 2043		240.4			267.2
Total face value of debt		7,262.4			7,289.2
Unamortized fair value adjustment		16.1			16.9
Unamortized discounts		(13.6)			(14.7)
Unamortized debt issuance costs		(30.7)			(28.5)
Less current installments		(778.2)			(1,028.8)
Total long-term debt	$	6,456.0		$	6,234.1

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 31, 2026 are as follows:


2027	$	778.8
2028		1,025.9
2029		1,699.3
2030		19.0
2031		818.0

Senior Notes

In the second quarter of fiscal 2026, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.60% senior unsecured notes on their maturity date of November 1, 2025. The repayment was funded by using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.00% senior unsecured notes due August 1, 2030 and $500.0 million aggregate principal amount of 5.75% senior unsecured notes due August 1, 2035 (the “Senior Unsecured Notes”), along with the issuance of commercial paper and operating cash flows.

In the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.30% senior unsecured notes on their maturity date of May 1, 2024. The repayment was funded using the net proceeds from the 2024 Term Loan in the principal amount of $300.0 million (see Note 5), along with the issuance of commercial paper and operating cash flows.

In the first quarter of fiscal 2024, we repaid the entire outstanding $500.0 million aggregate principal amount of our 0.50% senior unsecured notes on their maturity date of August 11, 2023. The repayment was primarily funded using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.30% senior notes due October 1, 2026.

2023 Term Loan

We prepaid the $500.0 million aggregate principal amount unsecured term loan entered into during the second quarter of fiscal 2023 with a syndicate of financial institutions through a prepayment of $250.0 million of the aggregate principal amount outstanding during the second quarter of fiscal 2024, utilizing operating cash flow and the issuance of commercial paper and, during the second quarter of fiscal 2025, a prepayment of the remaining $250.0 million aggregate principal amount outstanding, utilizing primarily operating cash flow.

Interest Expense

Net interest expense consists of:


		2026			2025			2024
Long-term debt	$	385.0		$	367.1		$	419.2
Short-term debt		12.9			60.4			25.8
Interest income		(7.5)			(2.5)			(5.7)
Interest capitalized		(7.8)			(8.3)			(8.8)
	$	382.6		$	416.7		$	430.5

Interest paid was $374.2 million, $426.7 million, and $444.2 million in fiscal 2026, 2025, and 2024, respectively.